Posts Tagged ‘kid allowance’

Another option is to have a set amount of allowance based on their age. My children earn half their age in allowance. My five year old gets $2.50 a week. In order to earn their allowance, they have to keep their room clean, do an assigned job each day, and help out with other things that we might need. When they don’t do jobs or keep their room clean, they lose part of their allowance for the week.

Some parents give their children money without requiring the child to earn it. I don’t like this option because I like giving a value to the money. When children have to earn it, it means more to them. However, if you don’t like the idea of putting your kids to work, you can still teach them about money. I would still suggest assigning a requirement to the money, such as good grades or good behavior.

Whatever option you chose, staring an allowance with your children will teach them about working, how to spend money, and how to save it as well.